Acknowledgements

PREPARED BY HR&A Advisors is an industry leading real estate, economic development and energy-efficiency advisory firm based in City. Carl Weisbrod managed this project with the help of Shuprotim Bhaumik, Kate Wittels, Kyle Vangel, and Farré Nixon. HR&A produced this report on behalf of the organizations listed below:

COMMISSIONED BY The Association for a Better New York is dedicated to improving the quality of life for those that live and work in and for those that visit. Special thanks to Jennifer Hensley, Eftihia Thomopoulos, and Jordan Isenstadt for their involvement in the study.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 1,000 cities across 160 countries. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Thanks to Josh Moskowitz, Chitra Narasimhan, and Tyler Daluz who played integral roles in helping craft this report.

Google is a global technology leader focused on improving the ways people connect with information. ’s in web search and advertising have made its website a top Internet property and its brand one of the most recognized in the world. Thanks to William Floyd and Genna Mckeel for their generous time and support invested in this study.

NY Tech Meetup is a non-profit organization with over 37,000 members supporting the New York technology community. Thanks to Andrew Rasiej and Jessica Lawrence who provided valuable advice and made available their entire network for the purposes of this report.

Special thanks to Althea Erickson of Etsy, Liz Elkiss of General Assembly, Rachel Haot, New York State Deputy Secretary for Technology, Scott Anderson of Control Group, Johnathan Bowles of Center for an Urban Future, Marissa Shorenstein of AT&T, John Cavaliero of Accenture, Jukay Hsu and David Yang of Coalition for Queens, Jeff Volk and Matthew Gould of MLB Advanced Media, Arun Sundarajaran of , Andrea Moore of NYCEDC, Vivian Liao of the Downtown Partnership, and Sean Campion of NYCIBO for their generous support during the various work sessions and meetings leading up to the creation of this report. Thanks also to Rubenstein, Edelman and Warby Parker for their assistance handling the release of this report.

For more information on the New York City Tech Ecosystem, visit www.nyctecheconomy.com

Contents

Executive Summary 4

Section 1: The New York City Tech Ecosystem 16

Section 2: Economic & Fiscal Impact Analysis 47

Section 3: Public Policy Positions 53

Technical Appendix 64

Executive Summary Executive Summary The New York City tech ecosystem generates economic opportunities for all New Yorkers.

The New York City tech ecosystem includes 291,000 jobs The New York City tech ecosystem includes more than just that are enabled by, produce, or facilitate technology. Tech highly-educated workers – up to 44% of jobs in the New industries generate 58,000 tech jobs and 83,000 non-tech York City tech ecosystem do not require a Bachelor’s jobs, while non-tech industries generate 150,000 tech jobs. degree. 128,000 jobs in the tech ecosystem do not require a In total, New York City’s tech ecosystem employs 291,000 Bachelor’s degree, with 11,600 of those being tech jobs in people or 7% of the 4.27 million people working in New tech industries. York City. To put this figure into context, the retail sector employs 354,000 people or 8% of total workers, while Workers in the New York City tech ecosyst